This is the second time Carousel has owned Express – it sold off the company to Thompson in July 2010. The firm had originally acquired a majority stake in the company in 2005.

Carousel approached Thompson to buy the company back, according to Carousel managing partner William Hobbs.

Thompson hadn’t yet actively sought to sell Express Oil when they were approached, according to Jack Senneff, Thompson’s director of deal origination.

According to Hobbs, Carousel wanted to buy the company back because it sees a lot of consolidation opportunity in the auto aftermarket space. The company is also poised to experience organic growth, Hobbs said. Express Oil will serve as the firm’s new auto parts platform.

Carousel had already made other deals in the space. It acquired auto parts distributor Nestor Sales in 2005, and Simpson Performance Products, a company that makes products for the motor sports industry, in 1998.

Thompson is a St. Louis, Mo.-based private equity firm that invests in service, distribution and manufacturing businesses. The firm manages more than $800 million in capital and is raising its third fund.